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Key factors behind productivity trends in euro area countries

Author

Listed:
  • Lopez-Garcia, Paloma
  • Szörfi, Béla

Abstract

Productivity plays a key role in the economic resilience and social welfare of countries. Central bankers are also interested in higher productivity growth because it would contribute to increasing the natural rate of interest and, therefore, the effectiveness of monetary policy, its room for manoeuvre and its transmission to the economy. With this monetary policy perspective in mind, this article aims to show key productivity trends and drivers over the past few decades in the euro area. The article is complemented by Box 4 in this issue of the Economic Bulletin, which presents preliminary evidence on the impact of the coronavirus (COVID-19) pandemic, and of policy responses to it, on productivity in the euro area. JEL Classification: D22, D24, D61, O33, O47, O52

Suggested Citation

  • Lopez-Garcia, Paloma & Szörfi, Béla, 2021. "Key factors behind productivity trends in euro area countries," Economic Bulletin Articles, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbart:2021:0007:2
    Note: 2648086
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2021/html/ecb.ebart202107_02~c95a8477e1.en.html
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    Citations

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    Cited by:

    1. Octavian Șerban, 2022. "The Multilevel Knowledge Economy Pyramid Model as a Flexible Solution to Address the Impact of Adverse Events in the Economy," Sustainability, MDPI, vol. 14(19), pages 1-15, September.

    More about this item

    Keywords

    euro area; monetary policy; Productivity growth;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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